Millionaire Club Booms: The Rich Getting Richer Faster Than Ever
Rich people's fortune has surpassed previous records.
Take a seat, buckle up, and prepare for a jaw-dropping ride through the exclusive Millionaire Club. The latest Capgemini report reveals that the rich are not only multiplying like rabbits, but their coffers are overflowing with more cash than ever. But here's a curious twist - the wealth in Germany is a rare exception to this global boom.
What the heck is happening, you ask? Well, let's dive into the details without pulling any punches.
The consulting firm Capgemini, which bills itself as the go-to source for all things wealthy, has released its annual bombshell - the Global Wealth Report. And boy, does it pack a punch! According to their research, the number of people lurking behind the velvet ropes of the Millionaire Club has never been higher. Simultaneously, the collective wealth of these high-rollin' individuals has never seen such a colossal swell.
Just who qualify for admission to this secret society of the über-rich? No ordinary Joe or Jane; folks with deep pockets, toting a cool $1 million (excluding their primary residence) will do just fine. This year, we welcomed a 2.6% increase to the club - swelling the ranks to 23.4 million members in 2024.
But here's where things get really juicy: the ultra-rich, the extra-extra-rich, the 0.1%, those folks with more than 30 million dollars, have seen fireworks going off in their bank accounts. This crew kicked off the celebration with an impressive 6.2% increase in 2024.
And the cherry on top? Their combined wealth hit an unprecedented record high of $90.5 trillion. Are your eyes popping yet? Because mine sure are!
But who's raking in the most dough? None other than the United States, with an additional 562,000 millionaires, equating to a whopping 7.6% increase! These days, the US turbocharges the Millionaire Club with a staggering 7.9 million members. So much for America's lower class!
In Europe and the Middle East, however, news isn't so peachy. The number of high-net-worth individuals has taken a nosedive by 2.1%. France, in particular, suffered a hard knock, shedding approximately 21,000 members from its roster in the last year.
As for Germany, even though the overall wealth of its wealthy folk remained steady at a mouthwatering $6.32 trillion, the number of dollar millionaires started shrinking. Blame it on sagging real estate prices, says Capgemini.
So, why should you care about these millionaires' tango? Well, this growing wealth gap between the ultra-rich and the rest of us has ignited critical debates about taxing the wealthy. Now, ain't that a kicker?
Capgemini's annual "World Wealth Report" has been crunching these dollars and cents since 1997. It considers stocks, bonds, alternative investments (private equity, anyone?), real estate (except the primary residence), and even cash. But it draws the line at collectibles, like art or jewelry, and non-essential stuff like cars. This analysis covers 71 countries, accounting for more than 98% of global GDP and 99% of global market capitalization. They even surveyed 6,472 millionaires for good measure.
Sources: ntv.de, gho/dpa/AFP
Glossary:
- HNWI: High-Net-Worth Individual - a person with more than $1 million in assets, excluding their primary residence.
- Ultra-Rich: Those HNWIs with $30 million or more in wealth.
- Capgemini's World Wealth Report: A comprehensive annual report highlighting trends and insights in global wealth distribution among HNWIs and the ultrarich.
- In light of the rising wealth among the millionaire community, debates regarding employment and community policies that may address the widening wealth gap have arisen, as the report reveals that personal-finance management plays a significant role in wealth accumulation.
- For individuals interested in investing and business, understanding the trends presented in Capgemini's World Wealth Report, such as the growth in the numbers of HNWIs and the ultra-rich, can provide insights into potential opportunities in personal-finance and global markets, as well as potential avenues for re-evaluating employment policies to climb up the ranks and increase one's wealth.
